Morgan Stanley to sell Australian real estate unit to China's CIC

No price for the sale was disclosed in a statement, but a source with direct knowledge of the sale told Reuters in April that the firm was expected to fetch more than A$3 billion ($2.19 billion) after having attracted more than 20 bids.Reuters | July 27, 2015, 16:53 IST

No price for the sale was disclosed in a statement, but a source with direct knowledge of the sale told Reuters in April that the firm was expected to fetch more than A$3 billion ($2.19 billion) after having attracted more than 20 bids.

Nearly half of those came from Asia, including from China's biggest privately owned business, Fosun International Ltd . CIC had also been mentioned at the time as a leading contender.

Bankers running the sale, Morgan Stanley and UBS AG , also drew bids from the United States and South Africa, as well as from Australia, the source told Reuters.

The deal is subject to approval by Australia's foreign investment review board.

Investa is the owner of A$3 billion of property, including office buildings in the cities of Sydney and Melbourne, plus management contracts for A$6 billion of property. ($1 = 1.3729 Australian dollars) (Reporting by Matt Siegel; Editing by Prateek Chatterjee)